There are also for-profit businesses, but they are less common. One of the best-known profit consortia is the aircraft manufacturer Airbus Industrie GIE. European aerospace manufacturers are cooperating within the consortium to produce and sell commercial aircraft. A consortium is a group of two or more individuals, companies or governments working together to achieve a common goal. Companies participating in a consortium pool resources, but they are only responsible for obligations defined in the consortium agreement. Any company under the consortium therefore remains independent of its normal activities and has no say in the activities of another member that are not related to the consortium. Airbus` four partner companies (British Aerospace, Aerospace, Construcciones Aeronéuticas SA and DASA) were both subcontractors and shareholders of the consortium to illustrate the complexity of such an agreement. This agreement resulted in a number of conflicts of interest and inefficiencies, as well as a possible move to Airbus SAS in 2001, which consolidated the original members of the consortium and reduced overhead costs. For example, the Five College Consortium of Massachusetts includes the University of Massachusetts Amherst, Mount Holyoke College, Hampshire College, Smith College and Amherst College.
Students attending one of these schools can attend classes at any other partner school at no additional cost. These educational consortia include partnerships between institutions that are close. Other consortia include The Quaker Consortium, The Claremont Colleges and Big Ten Academic Alliance. While consortia tend to share resources, they act independently when it comes to day-to-day business. In the case of a joint venture, two or more parties generally share ownership of a business, as well as risks, profits, losses and governance. Countries that develop standards have a competitive advantage over countries that do not, and countries and industries that subscribe to a global standard are often leaders in international trade. However, the creation of standards can lead to potential abuses and concerns about cartels and abuse of dominance. In the United States, the legal basis for cooperation and consortia can be found in the antitrust guidelines for the Competitors Among collaboration of the Department of Justice and the Federal Trade Commission. Thesaurus: All synonyms and antonyms for the consortium Unlike a joint venture, consortial companies act independently in day-to-day business.